Dubai's shares ended the trading week higher yesterday, tracking global markets amid improved investor appetite for riskier assets.
The Sharia-compliant mortgage lender Tamweel advanced 2.3 per cent to Dh1.29. Emaar Properties, the developer behind the Burj Khalifa, gained 1.6 per cent to close at Dh3.08. Both companies stand to benefit from the introduction of a mortgage law in Saudi Arabia. The Dubai Financial Market (DFM) General Index rose 1 per cent to 1,504.70.
"The market was able to close on a positive note because of higher European markets turning into positive territory before the close of business for the UAE," said Marwan Shurrab, the chief trader at the asset manager Gulfmena Investments in Dubai.
Germany's DAX Index was trading 0.5 per cent higher at 6,600.16 at 2pm Dubai time, while the FTSE 100 Index was up 0.2 per cent at 5,700.52.
Trading on the DFM was low, nearly half of the Dh230 million daily average of shares that changed hands for the week.
Aldar Properties, the developer behind Yas Island and Ferrari World, fell 0.8 per cent to Dh1.13 on the Abu Dhabi Securities Exchange (ADX) General Index. Sorouh Real Estate, the capital's second-biggest developer, fell 0.9 per cent to Dh1.03. The ADX General Index was little changed, up 0.01 per cent to 2,472.27.
Elsewhere in the region: Kuwait's measure was also little changed, up 0.03 per cent to 5,861.15; Bahrain's was unchanged at 1,121.89; Oman's MSM 30 Index gained 0.3 per cent to close at 5,577.29; and Qatar's QE Index advanced 0.1 per cent to 8,267.36. The Saudi Tadawul All-Share Index was closed for the day.
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